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Andhra Pradesh
`Create wealth, and share it or perish'
Our Bureau
Hyderabad
June 16
Creation of wealth is one thing. Dealing with the consequences of wealth is another. "There are three consequences of wealth - charity (sharing), enjoyment and destruction," Mr N. Prasad, Vice-Chairman of Matrix Laboratories, said.
Mr Prasad, one of the fastest wealth creators in the country, said, "he who never does the first two is destined to be destructed".
Addressing the annual review of a rural health project of Asian Institute of Gastroenterology (AIG) here on Saturday, he related how his organisation was involved in sharing wealth among its employees as it grew multi-fold in a few years.
Mr Prasad, who shot into limelight following his spectacular successes in the pharma industry in the last decade, said he used to tell his people not to lose a single opportunity because "you never know what it holds for you".
After making Matrix a force to reckon with, he succeeded in striking an acquisition deal with Mylan Laboratories in 2006. The company, which was started with just $1 million, is now valued at about Rs 5,000 crore.
The deal made Mr Prasad richer by Rs 570 crore. He made several philanthropic contributions that included donations to organisations that worked in areas such as cardiac problems. He was the highest individual income tax payer in Andhra Pradesh last year, with a total payment of Rs 26.40 crore.
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